A Myanmar-based tourism company called Memories Group Ltd is to acquire Burma Boating for around S$1m. Memories Group is listed on the Singapore stock exchange. A statement said the transaction would be financed through “internally generated funds”.

Burma Boating was founded in 2014, and offers premium services in luxury yachts in the Mergui Archipelago in southern Myanmar. It had sales of S$1m last year, according to a statement. The company established sailing holidays in Myanmar and Southeast Asia.

“We believe that this acquisition will enhance our financial performance and boost our presence in Mergui Archipelago, which is gaining increasing popularity as a tourist destination,” says Serge Pun, executive chairman of Memories Group.